Black dollars make up a lot of money in the cosmetic industry. It’s only right that we acknowledge those who are striving to leave their mark on the industry.
Black-owned makeup line Pat McGrath Labs recently secured a $60 million deal from New York-based investment firm Eurazeo Brands, with beauty industry insiders speculating that its valuation has been raised to $1 billion and surpassing that of Kylie Jenner’s cosmetics company (valued at $800 million), according to a press release from the investment firm.
“It has always been my dream to create an iconic beauty brand that goes beyond the usual limitations, that lives outside the parameters of what is expected. I am thrilled to be working with the unique and expert team at Eurazeo Brands,” said McGrath via the press release.
Founded by McGrath in 2016, Pat McGrath Labs quickly revolutionized modern beauty through its must-have, straight-from-the-runway makeup experience. In its early days, products such as Pat McGrath Labs’ brilliant Gold 001, which sold out in less than six minutes, captured the imagination and attention of the industry, making it one of the most talked-about beauty launches.
In the fall of 2017, Pat McGrath Labs debuted its core collection of makeup on patmcgrath.com and at select Sephora locations in North America. The highly anticipated launch generated incredible media attention and captivated consumers with some of the most unique and coveted makeup ever made available to the public. This fall will see the introduction of new product categories to complement the brand’s best-selling lipsticks, eyeliners, and eyeshadows.
Kylie Jenner, on track to become a billionaire, became the buzz of the business world after she appeared on the latest cover of Forbes. The magazine received some backlash after asserting that Jenner was “self-made,” a description critics said should not apply to one born into a wealthy family. That’s something McGrath wouldn’t have to worry about.